Hess Reports Estimated Results for the Fourth Quarter of 2018

Posted On January 30th, 2019 - 1:29 pm | by Oil and gas press

Key Highlights:
 A tenth discovery on the Stabroek Block, offshore Guyana, was announced at the Pluma-1 exploration well located approximately 17 miles south of the Turbot-1 well

 Estimate of gross discovered recoverable resources for the Stabroek Block increased to more than 5 billion barrels of oil equivalent (boe); growing resource base further underpins the potential for at least five floating production, storage and offloading vessels (FPSOs) producing more than 750,000 gross barrels of oil per day (bopd) by 2025

 Year-end proved reserves were 1,192 million boe, organic reserve replacement for 2018 was 166 percent at a finding and development cost of approximately $11.80 per boe

 The Corporation purchased $250 million in common stock to complete our previously announced $1.5 billion share repurchase program

Fourth Quarter Financial and Operating Highlights:
 Net loss was $4 million, or $0.05 per common share, compared with a net loss of $2,677 million, or $8.57 per common share, in the prior-year quarter

 Adjusted net loss was $77 million, or $0.31 per common share, compared to an adjusted net loss of $304 million, or $1.01 per common share, in the fourth quarter of last year

 Oil and gas production averaged 267,000 barrels of oil equivalent per day (boepd), excluding Libya; Bakken net production was 126,000 boepd, up 15 percent from 110,000 boepd in the year ago quarter

 E&P capital and exploratory expenditures were $618 million in the quarter, compared to $568 million in the prior-year quarter

 Cash and cash equivalents, excluding Midstream, were $2.6 billion at December 31, 2018

Source / More : Hess

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